Try Selling Around Themes when Running a Dollar Store
Try Selling Around Themes when Running a Dollar Store
One thing is for sure when starting a dollar store; you must know your competition. As the dollar/discount market continues to draw more businesses, knowing the competition is a way to not only know the challenges you face, but also to set actions in-place to excel. With careful study of your competitors and then implementing actions to make your store stand above the rest, customers will respond. That response will be defined by sales and more return visits.
However while it is fine to keep an eye on the competition, it is important to know exactly what you need to be looking for. It is not as easy as making a list of where the competition is to be found. It requires routine visits with specific goals in mind. In this article I present some of the most important things to examine when visiting the competition. Add these visits to your must do list' when first starting a dollar store.
Examine competitor operational systems and processes.
While no-one is likely to greet you at the door and offer to share everything about their business, routine in-person visits will reveal a great deal about your competition. Determine what you are looking for before you make visits and then focus on those specific pieces of their business. For example one visit might include an assessment of how employees treat shoppers, or possibly how they handle their end cap displays. Over time strengths and weaknesses will appear.
Carefully examine products that have been added to their offering.
Use each visit as an opportunity to discover new products. In some cases these new products will not be of interest to you or your shoppers. However there will be instances when you find a true gem. These gems are new, hot-selling products that seem to be flying off the shelf. Gather as much information as you can from the product labels and go to work to quickly add these items to the product mix in your store.
Check for best-selling merchandise that is no longer available.
With a constantly changing marketplace you will find some competitors no longer have some of the best selling items in-stock. This may be due to demand outstripping replenishment, price changes that prohibit carrying the items, or just poor product management. If the item is missing, ask an employee about it. In some cases they will provide the answer you need. If the issue is pricing of replenishment inventory do If you examine the method most who are running a dollar store put to use in their marketing the process is very simple and straightforward. They select a single product, create a small display, maybe add a sign, and call it good. Then they repeat the process with still another item. And on it goes one product at a time. This is an effective method to make sales. But those sales come one by one. For those who are working to build their dollar store sale volume, there is another method to consider. That method is to pair items when doing your promotions.
This works by bringing products together around a common theme. For example it might be a holiday or event, it might be a common use, or it might be products that complement each other. In this article I present selling around themes when running a dollar store. We will look at this marketing technique in greater detail.
One of the easiest ways to add extra dollar store sales is to make complementary merchandise available together. This side by side approach would bring all types of inflatable summer toys prominently together in a single well-located display. For example the inflatable beach balls, water noodles, inflatable rings and ride-on toys would all be together. The display would be properly signed, and it would be front and center to gain maximum exposure for the products.
Another tactic is to match complementary products together in a display. Those running a dollar store might create a display of shampoo. As a part of the display would be complementary hair conditioners. Those who pick up shampoo to purchase will grab the appropriate conditioner at the same time. Your dollar store sales from that display are doubled.
A finally example might be a display of drawstring bags. Your display might include extra large draw string leave bags, draw string trash bags, and draw string extra tall kitchen bags. The final display might even include more sizes. Possibly a shopper will see the garbage bags and then remember they only have one or two kitchen bags left at home so they better grab a box of those as well.
This strategy can be used for holidays, birthdays, and other events as well. Just bring products that fit together into a single display and watch as shoppers add those complementary products to their purchase. And watch as your dollar store sales grow using this technique. into your store before you are faced with the same problem. If it is an ordering issue, capitalize by prominently displaying the product in your store. And of course never allow it to run out of stock!
To your success when starting a dollar store!
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